Starbucks to close more than one hundred coffee shops
ST LOUIS- Starbucks will close about 150-locations next year 2019.
The affected stores are located in mostly urban areas that are densely populated with Starbucks locations. The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance.
Earlier this month Starbucks raised the price of its brewed coffee 10 to 20-cents at the majority of its company-owned stores.
It is told more competition from other upscale coffee houses as well as lower-priced specialty coffee from McDonald’s and Dunkin Donuts is affecting sales.